Senior faculty fall into three groups—25% who expect to retire by a normal retirement age; 15% who expect to, but would prefer not to, work past normal retirement age; and 60% who would like to and expect to work past normal retirement age.

Americans reaching traditional retirement ages during the past two decades and today face a different retirement environment than did prior cohorts of workers. In response to a very different environment, retirement patterns have changed dramatically since the mid 1980s.

The findings discussed here suggest that people with lower levels of education, income, and financial literacy rely far more heavily on employers, coworkers, and friends, than they do on cost fundamentals, when choosing pension funds.

Individuals face an array of planning issues as they grow older and approach retirement. Sixty percent of near-retirees in higher education have consulted with a financial advisor or other financial professional within the past two years regarding their retirement and preparing for it.